© REUTERS / Hannibal Hanschke
US President Donald Trump announced Tuesday that the US has no intention of setting a deadline to finalize the highly anticipated trade deal with China. While 45’s remarks had a major impact on the stock market for one day, one expert argues there is much at stake for the world with the delay of the deal – especially in developing countries.
Trump’s Tuesday argument that it is he, rather than China, who is in control of the trade deal did not appear to convince the stock market, translating into a 280-point plummet in the Dow Jones Industrial Index.
President Trump: “I’m doing very well on a deal on China if I want to make it. If I want to make it. I don’t think it’s if they want to make it. It’s if I want to make it…you’re going to find out pretty soon. We’ll surprise everybody.” pic.twitter.com/6EGRhgPx0p
— CSPAN (@cspan) December 3, 2019
The Wall Street Journal, citing analysis by UBS and Fomalhaut Techno Solutions, reported Sunday that Huawei – a longtime target of US sanctions and accusations of intellectual property theft – has recently begun shipping its latest Mate 30 smartphone, which contains absolutely no US hardware. The firm’s ability to purchase parts from US companies has been seriously hampered by its placement on a US Department of Commerce blacklist, requiring companies to obtain special licenses prior to the sale.
While Huawei and other China-based companies are finding alternatives in the face of the ongoing trade war with the US, some countries – even those allied with the US – may suffer as a consequence of Washington’s smear campaign.
Jude Woodward, author of “The US vs China: Asia’s new Cold War?”, joined Radio Sputnik’s By Any